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ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Asset Acquisitions
The Company closed on the following asset acquisitions during the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
DateProperty NameMSAProperty TypeSquare
Footage		Acquisition
Price
September 22, 2023Prestonwood PlaceDallas/Ft. WorthMulti-tenant retail155,975 $81,000 
February 16, 2022Pebble MarketplaceLas VegasMulti-tenant retail85,796 $44,100 
April 13, 2022MacArthur CrossingDallas/Ft. WorthTwo-tenant building56,077 21,920 
July 15, 2022Palms PlazaMiamiMulti-tenant retail68,976 35,750 
210,849 $101,770 
December 22, 2021Nora Plaza ShopsIndianapolis, INMulti-tenant
retail outparcel		23,722 $13,500 
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
The following table summarizes the fair value of assets acquired and liabilities assumed for the asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021 (in thousands):
Year Ended December 31,
202320222021
Investment properties, net$75,506 $99,096 $13,488 
Lease-related intangible assets, net(1)
6,971 5,223 304 
Other assets— 11 — 
Total acquired assets82,477 104,330 13,792 
Mortgage payable— — 3,578 
Accounts payable and accrued expenses2,823 1,140 100 
Deferred revenue and other liabilities1,556 2,855 189 
Total assumed liabilities4,379 3,995 3,867 
Fair value of net assets acquired$78,098 $100,335 $9,925 
(1)The weighted average remaining life of leases at the acquired properties is approximately 6.2 years, 6.7 years, and 5.3 years for asset acquisitions completed during the years ended December 31, 2023, 2022 and 2021, respectively.
Schedule of Level 3 Assumptions Used in Determining Value of Acquired Assets
The range of the most significant Level 3 assumptions used in determining the value of the real estate and related assets acquired through asset acquisitions are as follows:
202320222021
Net rental rate per square foot – Retail Anchors
N/A
$20.50 to $40.00
N/A
Net rental rate per square foot – Small Shops
$30.00 to $65.00
$24.00 to $65.00
$31.50 to $45.00
Discount rate
8.5%
5.75% to 7.25%
9.0%
Business Combination, Pro Forma Information
The following unaudited pro forma financial information is based upon the Company’s historical consolidated statements of operations for the year ended December 31, 2021, adjusted to give effect for the properties assumed through the merger as if they were acquired as of January 1, 2020. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of income would have been, nor does it purport to represent the results of income for future periods (in thousands, except per share data).
Year Ended December 31, 2021
Rental income$740,954 
Net income$21,283 
Net income attributable to common shareholders$20,535 
Net income attributable to common shareholders per common share:
Basic(1)
$0.09 
Diluted(1)
$0.09 
(1)The pro forma earnings for the year ended December 31, 2021 were adjusted to exclude $86.5 million of merger costs incurred.
Supplemental Schedule of Non-Cash Investing and Financing Activities
The following table summarizes the merger-related non-cash investing and financing activities for the year ended December 31, 2021 (in thousands):
Year Ended December 31, 2021
Investment properties$4,439,387 
Acquired lease intangible assets$524,058 
Mortgage and other indebtedness, net$(1,848,476)
In-place lease liabilities$(171,378)
Noncontrolling interests$(4,463)
Other assets and liabilities, net(1)
$(106,751)
Company common shares issued in exchange for RPAI common stock$(2,847,369)
(1)Includes lease liabilities arising from obtaining right-of-use assets of $41,086, which was determined using an estimate of our incremental borrowing rate that was specific to each lease based upon the term and underlying asset with a weighted average incremental borrowing rate of 5.4%.